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US proposes to G7 to confiscate $300 billion from Russia: they want to be in time for the second anniversary of the great war - FT

Kseniya KapustynskaNews
The US proposes to allow confiscation of Russian assets in favor of Ukraine
The US proposes to allow confiscation of Russian assets in favor of Ukraine

The United States has proposed that the G7 (France, the United States, the United Kingdom, Germany, Japan, Italy, and Canada) agree on a plan to confiscate $300 billion worth of Russian assets. These are the assets of the Russian Central Bank frozen in Western countries due to sanctions. At the same time, Ukraine's allies are in a hurry to agree on a plan before the second anniversary of Russia's full-scale invasion.

The Financial Times (FT) writes about this with reference to information from its own sources. According to them, the US has already received support from the UK, Japan and Canada.

Now, according to the publication, the United States wants to continue the work of the working groups on confiscation so that the plan is ready for a potential meeting of G7 leaders on dates close to February 24, 2024. The three working groups are expected to study the legal aspects of confiscation and methods of applying such a policy, as well as options for transferring funds to help Ukraine.

At the same time, Germany, France, and Italy, as EU members, have expressed some reservations. They call for "a thorough assessment of the legality of the confiscation of Russian assets" before making such a decision.

"Washington has not yet publicly supported the seizure of Russian assets. But this year, the US privately circulated a document within the G7, which stated that the confiscation of Moscow's frozen assets would be legal as a "countermeasure to encourage Russia to stop its aggression." But Europe, where most of the assets are kept, is much more cautious, fearing possible consequences for financial stability and retaliation from Russia," the newspaper notes.

As reported by OBOZ.UA, the EU in the 12th package of sanctions against Russia for the first time introduced a mechanism for confiscation of private frozen assets of the Russian Federation, but not for the sake of Ukraine. We are talking about the finances of sanctioned legal entities and individuals. The proceeds are to be allocated to European companies whose property was seized by the Kremlin in Russia.

At the same time, the Federal Prosecutor's Office of Germany has filed a lawsuit to confiscate more than 720 million euros of Russian funds. They are going to be transferred to the country's state budget. This is the first case of its kind in Germany - before that, the assets of sanctioned individuals and companies were only frozen.

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